A UAE publisher was ordered to pay Dh18.7 million to the game creator, ending a seven-year legal battle
HSBC said recent data for global ports indicates that trading remains challenging for most port operators, and industry volumes will shrink for the first time in 2009 by 10 per cent from a year ago.
“Clearly, a prolonged global or regional economic downturn will reduce volumes, prompt price competition between transhipment ports, or result in delayed or cancelled development projects by joint venture partners,” said HSBC.
It said across ports of DP World, the world’s fourth largest container port operator, volume is forecast to decline by 10.7 per cent in 2009, while profits will likely fall by 56.5 per cent to $249 million or earnings per share of $1.50.
A turnaround for DP World is seen in 2010, with HSBC projecting the container port operator’s operations to grow by 6.2 per cent and by 12.6 per cent in 2011.
HSBC said DP World’s global network, will allow it to withstand potential shakeouts in the container handling industry, citing its ability to raise financing, while 80 per cent of its long-term borrowings have maturity dates beyond 2012.
DP World on May 28 said it handled 10 per cent less cargo during the first four months of this year than it did in the same period a year ago, due to a contraction in maritime trade amid the global recession.
The port operator posted a record net profit of $572.3 million last year, but company officials had said previously that the economic slump forced the company to review its expansion plans.
On June 30, Standard & Poor’s downgraded DP World’s credit rating by two levels to BBB+, two levels above the lowest investment grade rating, with a “negative” outlook.
HSBC also maintained its target price for DP World at $0.45. Shares in DP World which are listed at Nasdaq Dubai, shed 0.3 per cent at $0.35 on Monday.
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